U.S. stock futures are preparing for heavy losses on Friday as crude oil prices tumble over 5 percent to under $30, breaching 2004 levels, and a string of U.S. economic reports came in weaker than expected on Friday.

The Department of Commerce reported this morning that U.S. retail sales in December declined – 0.1 percent from the previous month in November.

The October 2015- December 2015 period was revised up 0.2 percent to up 0.4 percent.

Inflation

PPI declined 0.2 percent in December, matching estimates from economists at briefing.com but is below the 0.3 percent level in November.

Core PPI rose 0.1 percent in December which is slightly above the estimate of 0.0 percent from briefing.com but still below November’s 0.3 percent increase.